Michael Noonan (Limerick City, Fine Gael)
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We will see. We are seven weeks away from the budget. The Deputy knows that any possibility of the banks being directly recapitalised by the ESM, as outlined in the statement of 29 June, was contingent on banking supervision being in place from 1 January. At all times, that was envisaged as a post-budget initiative and not a pre-budget one.

In respect of the promissory note, we must wait and see how we do in the negotiations. I have said on a number of occasions that the crucial date for the promissory note is the payment date of the infamous €3 billion at the end of March of each year.